Blog

PayPal Has Filed Patent for Faster Crypto Transaction

American payment giant PayPal has filed a patent application for faster crypto transactions in the US Patent and Trademark Office.

Representatives of PayPal believe that Bitcoin now cannot act as an adequate and fast means of payments (and they are right).

According to the patent application, in many transaction situations, a 10-min wait time will be too long for payers and/or payes, therefore, they will instead choose to perform the transaction using traditional payment methods rather than cryptocurrency.

Hence, the primary goal of the innovative technology proposed by PayPal is to reduce transaction time by avoiding including a transaction in the next block.

For this purpose, a system of secondary purses with unique keys will be provided. Each key will be responsible for a certain amount of the cryptocurrency, which is transferred.

By the way, one of the co-founders of the company, Peter Thiel, previously reported that he invested a large sum of money in Bitcoin. He is also confident that in the future there will be one dominant cryptocurrency, and probably this will be Bitcoin, although ETH also has a good potential.